Dow, Nasdaq Near Correction After 4th-Straight Weekly Loss

The Dow and Nasdaq mirrored each other's losses on Friday, each shedding just over 443 points as they neared correction territory, while the S&P 500 saw a triple-digit loss of its own. All three major benchmarks also marked their third-straight session in the red, as well as their fourth consecutive weekly drop.

Losses accelerated this afternoon on news that Iraq declared force ‌majeure on oilfields operated by foreign ⁠companies, sending oil prices surging. All signs point to the U.S.-Iran war being far from over, amid reports that more Marines are headed to the Middle East and that the Trump administration is preparing to potentially use ground troops in Iran.

Continue reading for more on today's market, including:

• High oil prices shaped price action this week.
• Semiconductor stock could keep surging.
• Plus, FedEx's upbeat results; drugmaker to watch; and prepare for what's ahead.

5 Things to Know Today

1. The International Energy Agency (IEA) issued advice to consumers to help stabilize energy prices, including working from home and avoiding gas cookers. (CNBC)
2. Pinterest (PINS) CEO Bill Ready called on a social media ban for people younger than 16 years old. (Reuters)
3. Options bulls target FedEx stock after beat-and-raise.
4. This pharma stock is one of our top picks for 2026.
5. Take a peek at what's lined up for next week.

Gold Marks Worst Week Since 2011

Oil prices settled higher on Friday, after drones hit two refineries in Kuwait and Iraq declared force majeure at all foreign-operated oilfields. Plus, Treasury Secretary Scott Bessent noted the U.S. soon lift sanctions on Iranian crude in tankers. April-dated West Texas Intermediate (WTI) crude rose 2.3% to finish at $98.32 per barrel, but shed 0.4% this week.

Gold prices extended their recent losses amid volatile oil prices, as investors monitor the U.S.-Iran war an its impact on inflation. April-dated gold futures dropped 2.5% to finish at $4,489.60 an ounce. For the week, the precious metal shed more than 10% for its worst performance since 2011.